Guggenheim, Meyer, << GOO guhn `hym, ` MY uhr >> (1828-1905), was a Swiss-born industrialist who made a fortune in the United States in the mining and smelting business. Members of Guggenheim’s family gave much of their wealth to charitable and educational organizations.
Guggenheim was born on Feb. 1, 1828, in Lengnau, in the canton of Aargau, Switzerland. He came to the United States in 1848 and worked first as a door-to-door peddler in Philadelphia. Guggenheim greatly increased his wealth by importing and selling Swiss lace. In 1881, he bought a share in two mines in Leadville, Colorado. Guggenheim later bought the share of a partner and gained the controlling interest in the mines. Soon afterward, rich quantities of silver and lead were discovered in the mines. Guggenheim recognized that smelting offered even greater profits. He built a smelter in Pueblo, Colorado, in 1888, and another one in Monterrey, Mexico, in 1891. Eventually, Guggenheim’s mining and smelting operations extended to South America and Africa.
In 1899, many Colorado smelting companies combined to form the American Smelting and Refining Company. Guggenheim refused to join because he knew he would not run the company. In 1901, however, American Smelting and Refining began to collapse, and Guggenheim bought control of it. His son Daniel became chairman of the board. Meyer Guggenheim died on March 15, 1905.
Several of Guggenheim’s sons became noted for their philanthropy. Daniel set up the Daniel and Florence Guggenheim Foundation to promote the “well-being of mankind.” He also founded the School of Aeronautics at New York University. Murry established the Murry and Leonie Guggenheim Foundation, which set up free dental clinics. Simon founded the John Simon Guggenheim Memorial Foundation to offer grants for study. Solomon R. Guggenheim founded the Guggenheim Museum in New York City.
